Rhinomed soars as it closes a deal to ‘nasally deliver’ cannabis to Americans
Respiratory tech developer Rhinomed rose 17 per cent this morning — its highest point since 2015 — after confirming it would soon close a US distribution deal for its cannabis inhaler.
Rhinomed also said its anti-snoring device Mute was now a top five product in the US — and would be in 11,000 stores by the end of October.
The shares jumped from 23c as high as 27c after the news.
Rhinomed (ASX:RNO) told investors a deal with US medical cannabis provider Columbia Care to distribute its “Nasally Delivered Cannabis” solution would close this month.
Rhinomed shares also rose on the original news back in June.
Under the deal, Columbia Care and Rhinomed will “jointly develop a range of unique cannabinoid products targeting a wide range of significant and unmet clinical and consumer health needs in the United States”.
Separately, Rhinomed’s Mute anti-snoring technology, which is an anti-snoring device, has been the fastest-growing product in the Nasal Strip category in the US, growing at 299 per cent during the period. It is sitting as the fifth most popular brand overall.
Rhinomed also said it is expanding its overseas retail presence, with hopes to be in more than 11,000 stores by the end of October.